22 May 2017 Neural Networks – How Do They Change Your Business? by Ciklum It seems like everyone in tech is obsessed with neural networks these days. A neural network works similarly to a human brain, but more on that later. Neural networks are so intriguing in the IT world because they offer real possibilities to change the way software operates in industries like travel, entertainment, HealthTech, and retail. Here, we’ll talk about neural networks and how they might help you do business in the future. What is a neural network? Maybe you’ve heard the buzzword, but you don’t know what a neural network is. At its most basic, a neural network software program mimics the way the human mind works. Practically, this means that each “neuron” – or mini-program – can make its own decisions and interact with other neurons without oversight. Each computer neuron can essentially think for itself. How do neural networks work in IT? The bottom line is that neural networks solve problems. In theory, a neural network should be able to solve any problem the human brain can. Neural networks have a wide variety of applications. For example, shipping companies use neural networks to shorten route lengths to complex destinations. In banks, neural networks have already been implemented as fraud detection devices. They compare card activity with known fraud cases. These neural networks work so well they saved Visa $40 million in fraud in six months. Major companies have already started using neural network technologies. Facebook uses them to identify faces in photos. Google uses one to recommend more accurate videos for viewers on YouTube. Apple’s Siri and Microsoft Cortana are examples of neural networks in action. How can a neural network help my business? Neural networks have lots of possibilities in many different fields. Here are some possibilities for future development: Creating translation apps that let people who speak two different languages have a realistic conversation Pinpointing consumers for targeted marketing by zeroing in on purchase patterns, geographic location, and socioeconomic status Forecasting sales based on market demand, complementary product price, and consumers’ financial situations Analyzing products consumers often purchase together and considering purchase replacement times Neural networks can give you a way to truly modernize your software applications. But, like so many things in this industry, it can be difficult to implement a new neural software project while keeping up with your daily operations. Ciklum’s Fixed Project team can help. If you have a goal and timeline in mind, our Ciklum expert team can give you the flexibility and know-how to finish your project on your timeline. Contact us today to learn more. Read our recent Whitepaper and you will find more insightful things about neural network model: how it works, how it differs from the biological neurons functioning and what is its future.